As previously indicated, trading conditions for the nine months ended 31 December 2012 were extremely challenging. The start to the year benefitted from increased levels of issuance and volatility, with changes in Japanese monetary policy helping to drive higher electronic FX volumes. The increased activity levels seen in January and February have not continued at the same rate in March. The cost savings programme remains on track to deliver at least £60 million of annualised savings by the year end. Group revenue for the year ending 31 March 2013 is expected to be 13% below the previous year. Consequently, ICAP expects pre-tax profits for the year to 31 March 2013 to be around £280 million, in line with the lower end of the guidance provided in our Interim Management Statement on 7 February 2013.

Michael Spencer, Group Chief Executive Officer of ICAP, said: "While we had a better start to the fourth quarter, we are not yet seeing a sustained upturn with market activity remaining fragile and unpredictable. This is caused, in part, by the continued lack of clarity around new regulatory requirements and the impact they may have. Our cost savings programme has delivered as we had forecast. ICAP today is a more efficient organisation than a year ago. We also continue to invest in new platforms, products and services which I believe will drive our growth over the next two years."